Property Markets / Transactions

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The ground-floor river frontage retail property at Shop G23, 55 Cumberland Drive sold for $2.15 million before auction to an overseas investor on a 5.4 per cent yield. Fitzroys' Chris Kombi and Adam Lester said the property was leased to restaurant and function centre Riviera on a 6x6x6-year deal returning about $116,000 per annum.

Fitzroy North

A converted 11-metre frontage warehouses at 1 Bik Lane was sold to an investor for $985,000 by Gray Johnson's Rory White on a yield of 3.3 per cent, equal to $7500 a square metre of building area. The property is leased on 3+3 basis, with a current passing rental income of $32,240 net. There is a second, larger tenanted warehouse still available for sale on the site.

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